State Street Corp Sells 71,025 Shares of Assurant, Inc. (NYSE:AIZ)

State Street Corp lowered its position in Assurant, Inc. (NYSE:AIZ) by 2.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,371,785 shares of the financial services provider’s stock after selling 71,025 shares during the period. State Street Corp owned 4.62% of Assurant worth $471,653,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of AIZ. True Wealth Design LLC bought a new position in shares of Assurant in the third quarter valued at approximately $25,000. Innealta Capital LLC bought a new position in shares of Assurant in the second quarter valued at approximately $31,000. Richardson Financial Services Inc. raised its stake in shares of Assurant by 62.1% in the second quarter. Richardson Financial Services Inc. now owns 201 shares of the financial services provider’s stock valued at $33,000 after acquiring an additional 77 shares during the last quarter. Huntington National Bank increased its holdings in shares of Assurant by 509.4% in the third quarter. Huntington National Bank now owns 195 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 163 shares in the last quarter. Finally, Brooklyn Investment Group acquired a new stake in shares of Assurant in the third quarter valued at approximately $42,000. Institutional investors own 92.65% of the company’s stock.

Assurant Price Performance

Shares of AIZ stock opened at $224.22 on Monday. Assurant, Inc. has a 12-month low of $160.12 and a 12-month high of $230.55. The firm has a market capitalization of $11.50 billion, a price-to-earnings ratio of 15.99 and a beta of 0.61. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.40. The firm has a fifty day moving average of $206.19 and a 200-day moving average of $188.06.

Assurant (NYSE:AIZ) last posted its quarterly earnings data on Tuesday, November 5th. The financial services provider reported $3.00 EPS for the quarter, beating the consensus estimate of $2.52 by $0.48. The business had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $2.94 billion. Assurant had a net margin of 6.31% and a return on equity of 17.42%. The firm’s revenue was up 7.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.29 EPS. On average, equities research analysts forecast that Assurant, Inc. will post 15.41 earnings per share for the current year.

Assurant Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 9th will be given a $0.80 dividend. This is a boost from Assurant’s previous quarterly dividend of $0.72. This represents a $3.20 annualized dividend and a yield of 1.43%. The ex-dividend date is Monday, December 9th. Assurant’s payout ratio is currently 20.54%.

Insider Activity at Assurant

In other Assurant news, EVP Biju Nair sold 3,000 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $209.18, for a total transaction of $627,540.00. Following the sale, the executive vice president now directly owns 20,658 shares of the company’s stock, valued at $4,321,240.44. The trade was a 12.68 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 0.53% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages recently weighed in on AIZ. Morgan Stanley began coverage on shares of Assurant in a report on Thursday. They issued an “equal weight” rating and a $251.00 price target for the company. Truist Financial raised their price target on shares of Assurant from $220.00 to $240.00 and gave the company a “buy” rating in a report on Thursday, November 7th. UBS Group raised their price target on shares of Assurant from $217.00 to $224.00 and gave the company a “buy” rating in a report on Monday, September 23rd. StockNews.com lowered shares of Assurant from a “buy” rating to a “hold” rating in a report on Thursday, October 17th. Finally, Piper Sandler lifted their target price on shares of Assurant from $200.00 to $217.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $229.50.

Assurant Profile

Assurant, Inc, together with its subsidiaries, provides business services that supports, protects, and connects consumer purchases in North America, Latin America, Europe, and the Asia Pacific. The company operates through two segments: Global Lifestyle and Global Housing. The Global Lifestyle segment offers mobile device solutions, and extended service contracts and related services for consumer electronics and appliances, and credit and other insurance products; and vehicle protection, commercial equipment, and other related services.